Lacson seeks to end bank, foreign deposit secrecy for public officials

Senator Panfilo Lacson has filed two landmark bills aimed at stripping government officials and employees of secrecy protections over their bank and foreign currency deposits, in a bold move to promote transparency and curb corruption in public office.

Citing the 1987 Constitution’s mandate that “public office is a public trust,” Lacson stressed that public servants must not use their positions for personal gain—and must be held accountable if they do.

The first measure, Senate Bill No. 38, seeks to amend Republic Act No. 1405 or the Bank Secrecy Law, by removing confidentiality privileges for all government personnel, both elected and appointed.

“This bill aims to give authorities the tools they need to investigate and prosecute those who misuse public office for personal enrichment,” Lacson said. “By excluding officials from bank secrecy coverage, we leave no place to hide ill-gotten wealth.”

His second proposal seeks to amend Republic Act No. 6426, or the Foreign Currency Deposit Act, which currently ensures the absolute confidentiality of foreign deposits—even in criminal or corruption cases. Lacson noted that the Philippines remains one of the few countries with such stringent secrecy laws.

“The bill proposes a narrowly tailored exception—public officials and employees will no longer enjoy confidentiality of their foreign currency accounts,” he explained. “This brings us in line with constitutional principles of transparency and global financial integrity standards.”

Lacson said the continued existence of restrictive banking secrecy provisions hinders the country’s efforts to combat money laundering and tax evasion.

“It’s time we move towards a culture of accountability. These amendments are essential if we are serious about dismantling corruption at its roots,” he emphasized.